Citi

Syndication has closed for a $975m refinancing for India’s Reliance Industries, with four new lenders coming in.

The Republic of Indonesia’s savviness was on display this week when it broke several records with a red hot $2.5bn wakala. Not only was this the sovereign’s first dual-tranche appearance in the asset class, it was also its largest ever — achievements that were attained thanks to the country’s ability to listen to market feedback.

After a decade in which they’ve suffered dismal profits, multiple IPO suspensions and a near-disastrous crash in A-shares, China’s foreign-backed securities houses are finally seeing the fruits of their labour. Now a pair of banks, including HSBC, are joining the fray with a new type of joint venture, setting the stage for another industry shake up. John Loh reports.

The private equity owners of German wind turbine maker Senvion have grudgingly relaunched its Frankfurt IPO, just five days after pulling it on low demand. The new deal is half the size of the earlier one, and implies a valuation €300m lower.

HeidelbergCement issued a benchmark high yield bond on Monday that was increased to €1bn and nearly three times oversubscribed.

Gategroup, the airline food services company, has increased the size of a revolving credit facility after an amendment operation, giving the company greater financial headroom.

The Republic of Indonesia hit the market on Monday as it seeks to tie up a five year and a 10 year wakala — the first time the southeast Asian country has attempted a sukuk offering in two tranches.

Azerbaijan's Southern Gas Corridor Company printed its $1bn 10 year bond on Thursday 80bp back of the sovereign curve, benefiting from an explicit state guarantee.

Chinese e-commerce group Alibaba is understood to have seen a good turnout for a roadshow held on Thursday for its $3bn syndicated loan. Bankers reckon the pricing and the potential use of proceeds contributed to the appeal.

A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.

As further news of banks being unofficially asked to stay out of arranging a Russian sovereign bond was leaked this week, gas giant Gazprom entered the Swiss franc market and drew one of the largest ever books for a note in the currency, demonstrating the pent up demand that exists for Russian paper.

As the European high yield market showed signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Thursday sold €700m of notes to redeem a €490m unsecured bond.